ALFI, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of Florida against Alfi, Inc.

NEW YORK, Jan. 4, 2022 /PRNewswire/ --  Wolf Haldenstein Adler Freeman & Herz LLP  announces investors that a federal class action lawsuit has been announces that a class action lawsuit has been filed against Alfi, Inc. ("Alfi" or the "Company") (NASDAQ: ALF) (NASDAQ: ALFIW) in the United States District Court for the Southern District of Florida on behalf of all persons and entities that purchased Alfi common stock or warrants pursuant to the Company's May 4, 2021 initial public offering ("IPO") or securities between May 4, 2021 and November 15, 2021.

All investors who purchased shares of Alfi, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of against Alfi, Inc. you may, no later than January 31, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in shares of Alfi, Inc.

PLEASE CLICK HERE TO JOIN THE CASE

According to the filed Complaint, on October 28, 2021, the Company disclosed that the Company's Board of Directors ("Board") had placed the Company's Chief Executive Officer, Chief Technology Officer, and Chief Financial Officer "on paid administrative leave and authorized an independent internal investigation regarding certain corporate transactions and other matters," and had subsequently terminated its Chief Technology Officer. Then, on November 1, 2021, the Company disclosed its Chair of the Audit Committee had resigned from the Board and that its internal investigation resulted from "the Company's purchase of a condominium for a purchase price of approximately $1.1 million" and "the Company's commitment to sponsor a sports tournament in the amount of $640,000," both of which "were undertaken by the Company's management without sufficient and appropriate consultation with or approval by the Board."

On November 15, 2021, the Company disclosed it "received a letter from the staff of the [SEC] indicating that the Company, its affiliates and agents may possess documents and data relevant to an ongoing investigation being conducted by the staff of the SEC." Further, the Company should preserve documents that "relate or refer to the condominium or the sports tournament sponsorship identified in the Company's Current Report on Form 8-K filed on November 1, 2021, or financial reporting and disclosure controls, policies or procedures."

Subsequently, on November 16, 2021, the Company filed a notice of its inability to timely file its quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2021. The stock now trades near $3.00 per share, after trading as high as $22.50 per share within the class period on June 28, 2021.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected] 
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP